KKR & Co. Inc. reported total revenues of $21.9 billion for the year ended December 31, 2024, a significant increase of $7.4 billion compared to the $14.5 billion reported in 2023. This increase was driven by substantial growth in both the asset management and insurance segments. Specifically, Asset Management and Strategic Holdings revenues increased by $1.4 billion to $7.2 billion, primarily due to increases in fees and capital allocation-based income. Insurance revenues surged by $5.9 billion to $14.7 billion, largely attributable to a rise in net premiums and net investment income.
Expenses also increased across all segments. Asset Management and Strategic Holdings expenses rose by $1.6 billion to $5.8 billion, mainly due to higher compensation and benefits. Insurance expenses increased by $7.0 billion to $15.2 billion, primarily driven by a substantial increase in net policy benefits and claims. Despite the increase in expenses, the company reported a net income of $4.9 billion in 2024, compared to $5.4 billion in 2023. Net income attributable to KKR & Co. Inc. common stockholders was $3.1 billion in 2024, down from $3.7 billion in 2023.
Significant strategic developments during the year included the completion of the 2024 GA Acquisition, resulting in 100% ownership of Global Atlantic. This acquisition, along with other strategic initiatives, led to the creation of a new Strategic Holdings segment, reporting the firm's ownership in businesses acquired through its core private equity strategy. The company also modified its compensation framework, decreasing the targeted percentage of compensation from fee-related revenues and increasing the targeted percentage from realized carried interest and incentive fees. As of December 31, 2024, KKR employed approximately 4,834 people worldwide.
Key operational developments included a substantial increase in assets under management (AUM) to $637.5 billion, up from $552.8 billion in 2023. Fee-paying AUM also increased to $512.0 billion. Capital invested across all business lines reached $83.6 billion in 2024, a significant increase from $44.0 billion in 2023. Global Atlantic served over 3.5 million policyholders as of December 31, 2024, generating $15.4 billion in sales from retirement and preneed products.
The company's outlook, as stated in the filing, includes expectations of stable recurring revenues from increased ownership in Global Atlantic and future dividend payments from companies in the Strategic Holdings segment. However, the filing also highlights numerous risk factors, including market and economic conditions, geopolitical events, liquidity requirements, competition, regulatory changes, and cybersecurity risks, which could materially affect future results.
About KKR & Co. Inc.
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